2001-2002 Bill 409: Retirement income, maximum amount ...
BIL: 409
TYP: General Bill GB
INB: Senate
IND: 20010306
PSP: Wilson
SPO: Wilson, Giese, Richardson, Grooms, Verdin and Ryberg
DDN: l:\council\bills\swb\5135htc01.doc
CBN: 3511
RBY: Senate
COM: Finance Committee 06 SF
SUB: Retirement income, maximum amount which may be deducted increased; Aging, Taxation, Income tax, exemptions
HST:
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
------ 20010306 Companion Bill No. 3511
Senate 20010306 Introduced, read first time, 06 SF
referred to Committee
Versions of This Bill
TXT:
A BILL
TO AMEND SECTION 12-6-1170, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE RETIREMENT INCOME DEDUCTION AND THE TAXABLE INCOME DEDUCTION ALLOWED INDIVIDUAL TAXPAYERS WHO HAVE ATTAINED AGE SIXTY-FIVE FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO INCREASE THE TAXABLE INCOME DEDUCTION ALLOWED INDIVIDUAL TAXPAYERS WHO HAVE ATTAINED AGE SIXTY-FIVE FROM FIFTEEN THOUSAND DOLLARS TO TWENTY THOUSAND DOLLARS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-1170(B) of the 1976 Code is amended to read:
“(B) Beginning for the taxable year during which a resident individual taxpayer attains the age of sixty-five years, the resident individual taxpayer is allowed a deduction from South Carolina taxable income received in an amount not to exceed fifteen twenty thousand dollars reduced by any amount the taxpayer deducts pursuant to subsection (A) not including amounts deducted as a surviving spouse. If married taxpayers eligible for this deduction file a joint federal income tax return, then the maximum deduction allowed is fifteen twenty thousand dollars in the case when only one spouse has attained the age of sixty-five years and thirty forty thousand dollars when both spouses have attained such age.”
SECTION 2. Upon approval of the Governor, this act applies for taxable years beginning after 2000.
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